Hershey announced Tuesday it will raise chocolate prices across its confection portfolio, citing a massive increase in cocoa costs that has pressured the industry for months.

The iconic candymaker behind Reese's Peanut Butter Cups, Kit Kat and Hershey's Kisses told retailers it will implement a double-digit price increase on average across its confection portfolio due to a according to multiple reports Tuesday. The company said prices will rise by a percentage in the "lower double-digit range" compared to what chocolate products have cost over the past couple years.

first reported the price increase. The Pennsylvania-based chocolate giant did not provide details about the pricing action or when it will go into effect.

Cocoa prices have jumped sharply over the past two years, at one poin

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